The Good, The Bad, & The Ugly [Charts]

JUN 11, 2021 • 6 Min Read

Kevin Kelly, CFA

Disclosure: Members of our team may own positions in assets mentioned in this report. This statement is intended to disclose any conflict of interest and should not be misconstrued as a recommendation to purchase any token. This content is for informational purposes only and you should not make decisions based solely on it. This is not investment advice.

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The Good [Charts], The Bad [Charts], and the Ugly [Charts]

The good news is so far we’ve seen strong support for BTC around $30k, but the latest price drop, rebound, and subsequent roll over puts bitcoin in a very precarious position; a major head and shoulders pattern has developed and may spell more short-term pain if BTC dives below $30k. The traditional rule of thumb would imply a target price as low as $10k if BTC were to make a clear break below the neckline, but technical analysis is only one piece of the bigger puzzle, especially when it comes to an asset with such a diehard support base and a growing acceptance among traditional investors. Having said that, an extended move below $30k could spell more short-term pain for hodlers; this price level also coincides with BTC’s 50-week moving average.

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